Deeprock and Allied Critical Metals Finalize $4.6 Million Private Placement
Vancouver, British Columbia -- March 25, 2025 -- NewsGenie -- Deeprock Minerals Inc. and Allied Critical Metals Corp. have announced the closing of their private placement of subscription receipts, raising approximately $4.6 million. ACM issued 22,890,680 subscription receipts at $0.20 each. Research Capital Corporation acted as the lead agent and sole bookrunner. ECM Capital Advisors Ltd., Beacon Securities Limited and Ventum Financial Corp. also acted as agents.
Roy Bonnell, CEO of ACM, stated the funding will enable continued development drilling, pilot plant commencement, and enhanced sustainability efforts in Portugal, to meet growing global tungsten demand as China reduces exports. He added, ACM is positioned to provide a reliable, high-quality tungsten supply and deliver value to shareholders and contribute to strategic resource security.
The offering relates to a reverse takeover of Deeprock by ACM. Each subscription receipt entitles the holder to one unit of ACM, comprising one common share and one-half of one share purchase warrant. Each warrant allows the holder to acquire one additional ACM share at $0.25 for 24 months. Upon completion of the transaction, ACM shares will be exchanged for shares of the Resulting Issuer at a 1:1 ratio, and warrants will become exercisable for Resulting Issuer shares under the same terms.
The company paid the agents an aggregate amount equal to $260,460 consisting of the Agents’ fee, an advisory fee, and a corporate finance fee.
ACM also granted 1,119,800 broker warrants and 260,000 advisory warrants to the agents. Proceeds are held in escrow until conditions for the transaction are met or waived by June 13, 2025. If these conditions aren't met, funds will be returned to subscribers.
The proceeds are expected to fund exploration programs, working capital, and general corporate needs. Allied Critical Metals is focused on tungsten projects in Portugal, while Deeprock Minerals is a Canadian mineral exploration company.
Completion of the transaction is subject to CSE acceptance and shareholder approval, if applicable. The CSE has not yet conditionally approved the listing of the Resulting Issuer Shares and Resulting Issuer Warrants underlying the Subscription Receipts.
Contacts:
Deeprock Minerals Inc. Andrew Lee, President & Chief Executive Officer Tel: 604-720-2703 ys.andrew.lee@gmail.com
Allied Critical Metals Corp. Roy Bonnell, Chief Executive Officer Tel: 514-928-5933 royb@alliedcritical.com